CNN reported Monday.”The company does not expect the (bankruptcy) filing to have meaningful effect on its daily company,” Bar Louie management said a statement released Monday. “In advance of the filing, the business closed underperforming places to reinforce its functional and financial position.”
Bar Louie expects to emerge from personal bankruptcy within 90 days, according to the release.
Through the bankruptcy filing and sale, Bar Louie states it will have the ability to continue operating its remaining stores, satisfying “responsibilities to providers and staff members.”
According to the brand name’s website, four Denver-area Bar Louie locations continue to run in Stapleton, Belmar, Belleview Promenade and Southlands mall.
Bar Louie, the self-described gastrobar that started in Chicago in 1990 and expanded throughout the nation with more than 100 areas, has actually declared Chapter 11 bankruptcy and closed numerous dining establishments.
In Colorado, a minimum of three stores closed unexpectedly over the weekend– in Westminster, Colorado Springs and Fort Collins. In all, 38 Bar Louie places closed just recently across Colorado, Ohio, Wisconsin and Michigan,
News of the Colorado store closures came as a surprise to employees, according to reports by KRDO in Colorado Springs. Lots of workers were told Sunday morning that the restaurant had closed. A Facebook post on Bar Louie’s Westminster page says its last day in organisation was Saturday, Jan. 25.
“Bar Louie is a lucrative business focused on long-term development with new financiers,” Tom Fricke, CEO of Bar Louie, said in the release. “The sale through Chapter 11 will assist us to concentrate on our rewarding core locations and expand in areas that have a proven performance history of success.”
“Bar Louie is a successful business focused on long-lasting development with new investors,” Tom Fricke, CEO of Bar Louie, said in the release.